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Last Updated : Sep 22, 2020 01:22 PM IST | Source: Moneycontrol.com

Goldman Sachs invests in Route Mobile; shares climb 3%

Route Mobile raised Rs 600 crore via public issue during September 9-11, which had comprised a fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore by promoters.

Shares of Route Mobile jumped over 3 percent in morning trade on BSE on September 22, a day after the firm made a stellar debut on bourses.

Route Mobile, the cloud communication services provider, listed with a massive 102.3 percent premium on September 21 after having a strong response to the public issue.

Global financial firm Goldman Sachs invested in Route Mobile through its three funds - Goldman Sachs India Fund, which acquired 4,75,012 equity shares of the company, Goldman Sachs Trust Emerging Markets Equity Fund (8,00,908 shares) and GS FDS SICAV GS Global Emerging Markets Equity Portfolio (11,33,423 shares) at Rs 705.95 per share on the NSE.

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Kuwait Investment Authority A/C Kuwait Investment Authority Fund 225 also bought 5,78,504 shares of the company at Rs 697.25 per share.

Route Mobile raised Rs 600 crore via public issue during September 9-11, which comprised of a fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore by promoters.

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The company is going to utilise net fresh issue proceeds for repayment of certain loans, acquisitions and other strategic initiatives, purchase of office premises in the Mumbai region and general corporate purposes.

Route Mobile enjoys a leadership position in the Cloud communication service. It provides services to enterprises, over-the-top (OTT) players and mobile network operators (MNOs). Its enterprise segment provides a cloud-based communication platform to enterprises, while the mobile operations segment includes services such as SMS analytics, firewall, filtering, monetisation and CPaaS (cloud-communication platform as a service) and hubbing solutions.

Shares of the company traded 2.90 percent up at Rs 670 on BSE at 10:55 hours.
First Published on Sep 22, 2020 11:17 am
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